a.Absorption costing only b.Variable costing only c.Both absorption and variable costing 153.Treats fixed selling cost as a period cost. 154.Required by generally accepted accounting...

a.Absorption costing only

b.Variable costing only

c.Both absorption and variable costing

153.Treats fixed selling cost as a period cost.

154.Required by generally accepted accounting principles.

155.Treats fixed manufacturing cost as a period cost.

156.Operating income is impacted by changes in inventory level.

157.Generally provides the most useful report for controlling costs.

158.Generally provides the most useful report for setting long-term prices.

159.May be used in a manufacturing company.

160.Includes gross profit on the income statement.